HERE’S WHAT’S HAPPENING: PENNSYLVANIA’S STRATEGIC RESERVE MOVE: BITCOIN RESERVE LAW ON THE WAY
The state of Pennsylvania has introduced a bill proposing to add Bitcoin to the state treasury as a strategic reserve. The bill aims to allow 10% of state funds to be invested in Bitcoin, making Pennsylvania the first US state to adopt digital assets as an official reserve. The bill was specifically designed to protect against inflation and diversify the state’s investment portfolio. Introduced by Republican Representative Mike Cabell, the bill is seen as a reflection of the growing Bitcoin acceptance in the US (Cryptonews, 2024; Cryptobriefing, 2024).
This move comes after Pennsylvania passed the “Bitcoin Rights Act” last month, which provides assurances regarding Bitcoin’s official transaction and custody rights. If the new reserve law is approved, Pennsylvania could lead other states to consider similar regulations. This bill, prepared with the support of the Satoshi Action Fund, is seen as a model for 10 other states in the country and is expected to contribute to Bitcoin gaining a stronger legal footing across the US (Cryptopolitan, 2024).
🔥🔥🔥As a result, Pennsylvania's move is an important step towards reshaping the role of digital assets in the financial system. The state's passage of the law could set an example for other states and countries❗️
References
• Cryptonews. (2024, November 14). Pennsylvania House Introduces Bill to Hold Bitcoin as Reserve Asset on State Balance Sheet.
• Cryptobriefing. (2024, November 14). Pennsylvania House moves to establish Bitcoin as a strategic reserve asset.
• Cryptopolitan. (2024, November 14). Pennsylvania considers Bitcoin as a state reserve in its new bill.